If I understand OP correctly then Uber is in fact making money, they just have some depreciating assets on their books. It's like if your net wealth went down

If I understand OP correctly then Uber is in fact making money, they just have some depreciating assets on their books. It's like if your net wealth went down this year because your 401k declined. That doesn't mean that you're broke or even poorly managing your finances. You can have a positive cash flow (budgeting and living within your means) while still having your overall net worth decrease.